According to a statement from the two companies, the “joint venture” will see Nikko AM take significant stakes in two of Ambit’s existing companies – a 50.1% stake in Ambit Mauritius Investment Managers Private Limited and a 49% stake in Ambit Investment Advisors Private Limited (AIA).
Incorporated in Mauritius, Ambit Mauritius is registered as a Foreign Institutional Investor by the Securities and Exchange Board of India and provides investment management services in respect of Indian securities. AIA meanwhile, is incorporated in India and provides investment advisory services.
The “joint venture” will see Bill Wilder, president and chief investment officer of Nikko AM, appointed as chairman of the board of AIA and Nikko’s Andrew Holland its chief executive. Nikko said it will assist Ambit in building its advisory team in India.
The companies’ statement said the partnership would give “Ambit the ability to tap into Nikko AM’s product development capabilities and extensive network of over 300 distributors across Asia. And provide Nikko AM with local knowledge and investment expertise for its India funds”.
Timothy McCarthy, chairman and chief executive of Nikko AM said: “This joint venture is built on a strong personal and professional connection as we have known each other for over five years. Partnering with quality local firms like Ambit is core to our "multi local" approach; together, I am confident we will build a successful business.”